REG-TotalEnergies SE TotalEnergies: Fourth Quarter and Full-year 2021 Results
10/02/2022 11:50
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TotalEnergies: Fourth Quarter and Full-year 2021 Results
TotalEnergies benefited from the very favorable fourth quarter environment and
generated more than $15 billion of net cash flow in 2021
4Q21 Change 2021 Change
vs 4Q20
vs 2020
Oil price - Brent ($/b) 79.8 +80% 70.9 +69%
Average price of LNG ($/Mbtu) 13.1 x2.7 8.8 +82%
Variable cost margin - Refining Europe, VCM ($/t) 16.7 x3.6 10.5 -9%
Adjusted net income (TotalEnergies share)((1))
- in billions of dollars (B$) 6.8 x5.2 18.1 x4.4
- in dollars per share 2.55 x5.5 6.68 x4.7
Net income (TotalEnergies share) 5.8 x6.6 16.0 ns
Adjusted EBITDA((1)) (B$) 14.3 x2.7 42.3 x2
DACF(1) (B$) 9.8 +98% 30.7 +74%
Cash Flow from operations (B$) 11.6 x2 30.4 x2.1
Net-debt-to-capital ratio((2)) of 15.3% at December 31, 2021 vs. 17.7% at September 30, 2021
Fourth quarter 2021 dividend set at 0.66 €/share
The Board of Directors of TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE),
meeting on February 9, 2022, under the Chairmanship of Chief Executive Officer
Patrick Pouyanné, approved the Company's 2021 financial statements. On the
occasion, Patrick Pouyanné said:
"In the fourth quarter, oil prices continued to rise, up 9% compared to the
previous quarter, while gas prices in Europe and Asia, driven by increasing
demand, hit all-time highs above $30/Mbtu and sent European power prices to
record levels. In this context, TotalEnergies' multi-energy model demonstrated
its ability to take full advantage of the very favorable environment,
particularly in the LNG and electricity sectors, with adjusted net income of
$6.8 billion and cash flow (DACF) of $9.8 billion.
In 2021, the Company generated cash flow of $30.7 billion, up $13 billion
compared to 2020, and adjusted EBITDA of $42.3 billion. The Company reported
adjusted net income of $18.1 billion, representing a return on equity of 16.9%
and a return on capital employed (ROACE) of nearly 14% for 2021, which
demonstrates the quality of its portfolio and operations. IFRS net income was
$16 billion (€13.6 billion).
The integrated Gas, Renewables & Power (iGRP) segment reported adjusted
net operating income of $2.8 billion and cash flow of $2.4 billion in the
fourth quarter, bringing full-year results and cash flow to $6.2 billion and
$6.1 billion, respectively. These historic results build on the globally
integrated LNG portfolio, leveraging rising oil and gas prices and
outperformance in the gas and LNG trading business. The profitable growth
strategy in Renewables & Electricity continues with more than 10 GW of
installed gross capacity and more than 6 million electricity customers at
year-end 2021. The Renewables & Electricity business generated
proportional adjusted EBITDA of $1.4 billion over the year, above the target
of $0.8 billion, reflecting the last quarter’s strong electricity markets.
At the start of 2022, TotalEnergies secured an additional 2 GW of offshore
wind projects with the award of a concession in Scotland, as part of the
Scotwind tender.
Exploration & Production benefited from higher oil and gas prices with
adjusted net operating income of $10.4 billion and was a strong contributor to
the Company’s net cash flow with $12.2 billion. In line with its strategy to
invest in low-cost and low-emission projects, TotalEnergies increased its
presence in Brazil by entering the Atapu and Sépia giant fields, launched the
Lake Albert Resource Development Project in Uganda, while divesting interests
in mature assets.
Downstream posted solid results with $3.5 billion in adjusted net operating
income and cash flow of $5.5 billion, or more than $3 billion in net cash
flow. High margins in petrochemicals and the return to pre-crisis results in
Marketing & Services, despite sales volumes still impacted by Covid,
offset European refining margins that remained low, due to the rise in energy
costs.
The Company maintained capital discipline with net investments of $13.3
billion, of which 25% was in Renewables & Electricity. TotalEnergies
reported net cash flow of $15.8 billion for the year, allowing it to continue
to reduce its net debt with year-end gearing reduced to 15.3%, compared to
21.7% at year-end 2020, and buy back $1.5 billion of shares, in line with the
previously announced objective.
In line with the policy announced in February 2021, the Board of Directors
will propose at the Shareholders' Meeting to be held on May 25, 2022, the
distribution of a final 2021 dividend of €0.66 per share, equal to the three
2021 interim dividends already declared.
In addition, the Board of Directors defined a return-to-shareholder policy for
2022 that will combine, on the one hand, an increase in interim dividends of
5% given the structural growth in cash flow generated by the LNG and
electricity business, and, on the other hand, buybacks to share the surplus
cash flow from high hydrocarbon prices. These share buybacks are expected to
be $2 billion for the first half of 2022.
In accordance with the resolution approved by shareholders in May 2021 on
TotalEnergies' ambitions for sustainable development and energy transition
toward carbon neutrality, the Board of Directors will report on the progress
made in implementing these ambitions at the Shareholders' Meeting on May 25,
2022. With this in mind, the Board of Directors will adopt a ‘Sustainability
& Climate - Progress Report 2022’, which will be submitted to a
shareholder advisory vote at the Annual Shareholders’ Meeting on May 25,
2022. It will be published and presented on March 24, 2022, during a Strategy,
Sustainability & Climate investor meeting.”
1. Highlights((3))
Social and environmental responsibility
* TotalEnergies’ withdrawal from Myanmar, as the deteriorating situation in
terms of human rights and rule of law no longer allows TotalEnergies to make a
sufficiently positive contribution in the country
Multi-energy strategy
* Signed agreements in Libya to develop gas gathering and processing projects
for power generation and a 500 MW solar farm, together with the acquisition of
additional interests in the Waha concession
* Launched the Lake Albert Resource Development Project in Uganda and Tanzania
and signed a framework agreement in Uganda to develop renewable energies
contributing to public access to energy
Renewables & Electricity
* Offshore wind:
* Started power generation at the Yunlin offshore wind farm (640 MW capacity),
off the coast of Taiwan
* Awarded concession with Green Investment Group (GIG) and RIDG to develop a 2
GW offshore wind farm in Scotland
* Solar:
* Signed a 25-year renewable electricity sales contract with Prony Resources
New
Caledonia, thanks to the development of a 160 MW solar project in New
Caledonia
* Strengthened TotalEnergies' leading position in the rooftop solar installation
market in France with the award of 58 MW in the 13(th) tranche of the CRE 4
call for tenders
* Storage:
* Commissioned the largest battery electricity storage site (61 MW) in France
* Electric mobility:
* Announced a €200 million investment plan over one year to equip more than
150 highway stations with high-power charging stations for electric vehicles
in France
Upstream
* TotalEnergies and partners' successful bids at the ToR Surplus round in Brazil
for the award of production sharing contracts (PSCs) for the Atapu and Sépia
pre-salt oil fields
* Obtained the Oman Block 10 concession with a 26.5% interest to develop
integrated low-carbon gas projects
* Started production of the CLOV Phase 2 project on Angola Block 17
* Divested TotalEnergies' stakes in mature non-operated fields on Angola Blocks
14 and 14K as well as various non-operated permits in Gabon and a minority
stake in the Greater Laggan area in the UK
Downstream
* Acquired BP's marketing network, wholesale fuel business and logistics assets
in Mozambique
* Circular economy:
* Signed agreements for chemical recycling projects in Spain with Plastic
Energy
and in the United States with Plastic Energy and Freepoint Eco-Systems
* Partnership with Plastic Omnium to accelerate the development of recycled
plastic materials in the automotive industry
Biomass
* Launched construction, with Clean Energy, of a first biogas production unit in
the United States
* Partnership to recover biomethane from Veolia's waste and wastewater treatment
facilities in operation in more than 15 countries
Hydrogen
* Partnership with Daimler Truck AG to develop a hydrogen ecosystem for road
transport in Europe
* Collaboration agreement with Masdar and Siemens Energy to co-develop a green
hydrogen project to produce sustainable aviation fuel (SAF) in the United Arab
Emirates
Carbon sinks
* Signed agreements with AgriProve to develop underground natural carbon sinks
on 20,000 hectares in Australia and Corporate Carbon to contribute to the
prevention of savannah fires
* Partnership agreement with the Government of Suriname to contribute to the
preservation of the country's forests as carbon sinks
2. Key figures from TotalEnergies’ consolidated financial statements((4))
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 In millions of dollars, except effective tax rate, 2021 2020 2021
vs
vs earnings per share and number of shares
vs
4Q20
4Q19
2020
14,285 11,180 5,208 x2.7 8,949 +60% Adjusted EBITDA ((5)) 42,302 21,112 x2
7,316 5,374 1,824 x4 3,879 +89% Adjusted net operating income from business segments 20,209 6,404 x3.2
3,525 2,726 1,068 x3.3 2,031 +74% Exploration & Production 10,439 2,363 x4.4
2,759 1,608 254 x10.9 794 x3.5 Integrated Gas, Renewables & Power 6,243 1,778 x3.5
553 602 170 x3.3 580 -5% Refining & Chemicals 1,909 1,039 +84%
479 438 332 +44% 474 +1% Marketing & Services 1,618 1,224 +32%
1,787 1,143 367 x4.9 668 x2.7 Contribution of equity affiliates to adjusted net income 4,190 1,388 x3
40.2% 39.6% 14.9% 31.8% Effective tax rate ((6)) 37.9% 27.8%
6,825 4,769 1,304 x5.2 3,165 x2.2 Adjusted net income (TotalEnergies share) 18,060 4,059 x4.4
2.55 1.76 0.46 x5.5 1.19 x2.1 Adjusted fully-diluted earnings per share (dollars) ((7)) 6.68 1.43 x4.7
2.19 1.49 0.39 x5.6 1.07 x2 Adjusted fully-diluted earnings per share (euros)* 5.65 1.25 x4.5
2,644 2,655 2,645 - 2,607 +1% Fully-diluted weighted-average shares (millions) 2,647 2,621 +1%
5,837 4,645 891 x6.6 2,600 x2.2 Net income (TotalEnergies share) 16,032 (7,242) ns
4,681 2,813 3,432 +36% 4,291 +9% Organic investments ((8)) 12,675 10,339 +23%
(396) (958) 1,099 ns (80) ns Net acquisitions ((9)) 632 2,650 -76%
4,285 1,855 4,531 -5% 4,211 +2% Net investments ((10)) 13,307 12,989 +2%
9,361 8,060 4,498 x2.1 6,793 +38% Operating cash flow before working capital changes ((11)) 29,140 15,697 +86%
9,759 8,390 4,933 +98% 7,326 +33% Operating cash flow before working capital changes 30,660 17,635 +74%
w/o financial charges (DACF) ((12))
11,621 5,640 5,674 x2 6,599 +76% Cash flow from operations 30,410 14,803 x2.1
* Average €-$ exchange rate: 1.1435 in the fourth quarter 2021 and 1.1827 in
2021.
3. Key figures of environment, greenhouse gas emissions and production
3.1 Environment* – liquids and gas price realizations, refining margins
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
79.8 73.5 44.2 +80% 63.1 +26% Brent ($/b) 70.9 41.8 +69%
4.8 4.3 2.8 +74% 2.4 +100% Henry Hub ($/Mbtu) 3.7 2.1 +75%
32.8 16.9 5.6 x5.9 5.1 x6.4 NBP ($/Mbtu) 16.4 3.3 x4.9
35.0 18.6 8.0 x4.4 5.8 x6.1 JKM ($/Mbtu) 18.5 4.4 x4.2
72.6 67.1 41.0 +77% 59.1 +23% Average price of liquids ($/b) 65.0 37.0 +76%
Consolidated subsidiaries
11.38 6.33 3.31 x3.4 3.76 x3 Average price of gas ($/Mbtu) 6.60 2.96 x2.2
Consolidated subsidiaries
13.12 9.10 4.90 x2.7 6.52 x2 Average price of LNG ($/Mbtu) 8.80 4.83 +82%
Consolidated subsidiaries and equity affiliates
16.7 8.8 4.6 x3.6 30.2 -45% Variable cost margin - Refining Europe, VCM ($/t)** 10.5 11.5 -9%
* The indicators are shown on page 21.
** This indicator represents TotalEnergies’ average margin on variable cost
for refining in Europe (equal to the difference between TotalEnergies European
refined product sales and crude oil purchases with associated variable costs
divided by volumes refined in tons).
Data restated in 2Q21 environment for energy costs were 35.7 $/t in 4Q21 and
20.5 $/t in 3Q21.
The average LNG selling price was $13.12/Mbtu in the fourth quarter, up 44%
compared to the previous quarter, benefiting on a lagged basis from the
increase in oil and gas indices on long-term contracts as well as high spot
gas prices in the quarter.
3.2 Greenhouse gas emissions((13))
4Q21* 3Q21* GHG emissions (MtCO(2)e) 2021 2021 2020 2020
(excluding Covid effect)
(excluding Covid effect)
10 9 Scope 1+2 from operated facilities ((14)) 35.7 37.0 38.4 41.5
96 94 Scope 3 from energy product sales ((15)) 370 400 350 400
53 49 Scope 1+2+3 in Europe ((16)) 195 215 212 239
47 44 of which Scope 3 in Europe 175 193 190 215
* Estimated emissions.
3.3 Production*
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 Hydrocarbon production 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
2,852 2,814 2,841 - 3,113 -8% Hydrocarbon production (kboe/d) 2,819 2,871 -2%
1,278 1,288 1,238 +3% 1,452 -12% Oil (including bitumen) (kb/d) 1,274 1,298 -2%
1,574 1,526 1,603 -2% 1,661 -5% Gas (including condensates and associated NGL) (kboe/d) 1,545 1,573 -2%
2,852 2,814 2,841 - 3,113 -8% Hydrocarbon production (kboe/d) 2,819 2,871 -2%
1,509 1,517 1,483 +2% 1,714 -12% Liquids (kb/d) 1,500 1,543 -3%
7,328 7,070 7,406 -1% 7,563 -3% Gas (Mcf/d) 7,203 7,246 -1%
* Company production = E&P production + iGRP production.
Hydrocarbon production was 2,852 thousand barrels of oil equivalent per day
(kboe/d) in the fourth quarter 2021, stable compared to a year ago, comprised
of:
* +2% due to start-ups and ramp-ups, including CLOV Phase 2 and Zinia Phase 2 in
Angola, Yamal LNG train 4, and the resumption of production in Libya,
* +3% due to the increase in OPEC+ quotas,
* -1% due to portfolio effect, notably the Utica sale in the United States and
the divestment of non-operated assets, particularly in Gabon,
* -1% due to the price effect,
* -1% due to planned maintenance and unplanned downtime, notably in Canada,
Nigeria and the UK,
* -2% due to natural field decline.
Hydrocarbon production was 2,819 kboe/d in 2021, down 2% year-on-year,
comprised of:
* +3% due to start-ups and ramp-ups, including North Russkoye in Russia, Iara in
Brazil and Johan Sverdrup in Norway, as well as the resumption of production
in Libya,
* +3% due to the increase in gas demand and OPEC+ quotas,
* -1% due to portfolio effect, notably the disposals of assets in the UK and the
CA1 block in Brunei,
* -1% due to the price effect,
* -3% due to planned maintenance and unplanned downtime, notably in the UK and
Norway (Snøhvit),
* -3% due to the natural field decline.
4. Analysis of business segments
4.1 Integrated Gas, Renewables & Power (iGRP)
4.1.1 Production and sales of Liquefied Natural Gas (LNG) and electricity
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 Hydrocarbon production for LNG 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
562 533 532 +6% 624 -10% iGRP (kboe/d) 529 530 -
68 67 65 +4% 74 -8% Liquids (kb/d) 63 69 -9%
2,697 2,527 2,549 +6% 2,939 -8% Gas (Mcf/d) 2,541 2,519 +1%
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 Liquefied Natural Gas in Mt 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
11.6 10.0 10.0 +16% 10.6 +10% Overall LNG sales 42.0 38.3 +10%
4.6 4.3 4.3 +6% 4.2 +9% incl. Sales from equity production* 17.4 17.6 -1%
10.1 8.3 8.0 +27% 9.6 +5% incl. Sales by TotalEnergies from equity production and third party purchases 35.1 31.1 +13%
* The Company’s equity production may be sold by TotalEnergies or by the
joint ventures.
Hydrocarbon production for LNG increased 6% year-on-year in the fourth quarter
2021, due to the impact of unplanned maintenance on fourth quarter 2020
production. Full-year 2021 was stable compared to 2020.
Total LNG sales increased sharply on higher production from Cameron LNG and
Freeport LNG in the United States, up 16% in the fourth quarter 2021 compared
to a year ago and up 10% for full-year 2021 versus 2020.
4Q21 3Q21 4Q20 4Q21 Renewables & Electricity 2021 2020 2021
vs
vs
4Q20
2020
43.0 42.7 28.6 +50% Portfolio of renewable power generation gross capacity 43.0 28.6 +50%
(GW) ((1),(2))
10.3 9.5 7.0 +47% o/w installed capacity 10.3 7.0 +47%
6.5 6.1 4.1 +61% o/w capacity in construction 6.5 4.1 +61%
26.2 27.1 17.5 +49% o/w capacity in development 26.2 17.5 +49%
28.0 26.6 17.5 +60% Gross renewables capacity with PPA (GW) ((1),(2)) 28.0 17.5 +60%
31.7 31.7 19.2 +65% Portfolio of renewable power generation net capacity 31.7 19.2 +65%
(GW) ((1),(2))
5.1 4.7 3.1 +65% o/w installed capacity 5.1 3.1 +65%
4.6 4.0 2.3 x2 o/w capacity in construction 4.6 2.3 x2
22.0 23.0 13.8 +59% o/w capacity in development 22.0 13.8 +59%
6.7 4.7 4.3 +57% Net power production (TWh) ((3)) 21.2 14.1 +50%
1.9 1.7 1.2 +61% incl. power production from renewables 6.8 4.0 +71%
6.1 6.0 5.6 +9% Clients power - BtB and BtC (Million) ((2)) 6.1 5.6 +9%
2.7 2.7 2.7 +2% Clients gas - BtB and BtC (Million) ((2)) 2.7 2.7 +2%
16.1 11.7 13.5 +19% Sales power - BtB and BtC (TWh) 56.6 47.3 +20%
31.2 13.2 31.5 -1% Sales gas - BtB and BtC (TWh) 101.2 95.8 +6%
447 291 179 x2.5 Proportional adjusted EBITDA Renewables & Electricity (M$) ((4)) 1,393 583 x2.4
84 104 102 -18% incl. from renewables business 418 352 +19%
((1) )Includes 20% of Adani Green Energy Ltd gross capacity effective first
quarter 2021.
((2)) End of period data.
((3)) Solar, wind, biogas, hydroelectric and combined-cycle gas turbine (CCGT)
plants.
((4)) TotalEnergies share (% interest) of EBITDA (Earnings Before Interest,
Tax, Depreciation and Amortization) in Renewables & Electricity
affiliates, regardless of consolidation method.
Gross installed renewable power generation capacity grew to 10.3 GW at the end
of the fourth quarter 2021, up 800 MW, notably thanks to continued increase in
start-ups in India and the commissioning of the Dunkirk battery-powered
storage site in France.
Net electricity production stood at 6.7 TWh in the fourth quarter 2021, up 57%
year-on-year, thanks to strong growth in electricity production from renewable
sources as well as combined cycle gas turbine (CCGT) power plants,
strengthened by the acquisition of four CCGT plants in France and Spain in the
fourth quarter 2020.
TotalEnergies’ adjusted EBITDA of the Renewables & Electricity business
was $447 million in the fourth quarter 2021, an increase of 2.5 times
year-on-year, driven by strong growth in electricity generation, and took full
advantage of integration into the electricity value chain in Europe.
4.1.2 Results
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 In millions of dollars 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
2,759 1,608 254 x10.9 794 x3.5 Adjusted net operating income* 6,243 1,778 x3.5
1,321 755 97 x13.6 353 x3.7 including adjusted income from equity affiliates 2,696 375 x7.2
1,190 639 1,007 +18% 684 +74% Organic investments 3,341 2,720 +23%
47 (941) 577 -92% (13) ns Net acquisitions 1,165 2,183 -47%
1,237 (302) 1,584 -22% 671 +84% Net investments 4,506 4,903 -8%
2,440 1,720 1,072 x2.3 1,356 +80% Operating cash flow before working capital changes ** 6,124 3,418 +79%
(57) (463) 575 ns 1,527 ns Cash flow from operations *** 827 2,129 -61%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to lease contracts,
excluding the impact of contracts recognized at fair value for the sector and
including capital gains on the sale of renewable projects.
*** Excluding financial charges, except those related to leases.
Adjusted net operating income from the iGRP segment was:
* $2,759 million in the fourth quarter 2021, a 10.9-fold increase from a year
ago, thanks to higher LNG prices and the very good performance of the gas, LNG
and electricity trading activities,
* $6,243 million for the full-year 2021, a 3.5-fold increase from 2020, for the
same reasons.
Operating cash flow before working capital changes was:
* $2,440 million in the fourth quarter 2021, a 2.3-fold increase from a year
ago, thanks to higher LNG prices and the very good performance of the gas, LNG
and electricity trading activities,
* $6,124 million in 2021, up 79% compared to 2020, for the same reasons.
Cash flow from operations was -$57 million for the quarter and $827 million
for 2021, mainly due to variations in margin calls related to hedging
mechanisms in a context of high volatility in the gas and electricity markets.
4.2 Exploration & Production
4.2.1 Production
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 Hydrocarbon production 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
2,290 2,281 2,309 -1% 2,489 -8% EP (kboe/d) 2,290 2,341 -2%
1,441 1,450 1,418 +2% 1,640 -12% Liquids (kb/d) 1,437 1,474 -3%
4,631 4,543 4,857 -5% 4,624 - Gas (Mcf/d) 4,662 4,727 -1%
4.2.2 Results
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 In millions of dollars, except effective tax rate 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
3,525 2,726 1,068 x3.3 2,031 +74% Adjusted net operating income* 10,439 2,363 x4.4
366 315 222 +65% 247 +48% including adjusted income from equity affiliates 1,230 928 +33%
49.7% 46.4% 19.8% 38.0% Effective tax rate** 45.2% 29.4%
2,196 1,656 1,569 +40% 2,617 -16% Organic investments 6,690 5,519 +21%
(162) (34) 548 ns (224) ns Net acquisitions (167) 544 ns
2,034 1,622 2,117 -4% 2,393 -15% Net investments 6,523 6,063 +8%
5,688 4,943 2,652 x2.1 4,451 +28% Operating cash flow before working capital changes *** 18,717 9,684 +93%
8,624 4,814 3,046 x2.8 4,206 x2.1 Cash flow from operations *** 22,009 9,922 x2.2
* Details on adjustment items are shown in the business segment information
annex to financial statements.
** Tax on adjusted net operating income / (adjusted net operating income -
income from equity affiliates - dividends received from investments -
impairment of goodwill + tax on adjusted net operating income).
*** Excluding financial charges, except those related to leases.
Adjusted net operating income from Exploration & Production segment was:
* $3,525 million in the fourth quarter 2021, more than three times higher than
in the fourth quarter 2020, thanks to the sharp increase in oil and gas
prices,
* $10,439 million in 2021, more than four times higher than in 2020, for the
same reasons.
Operating cash flow before working capital changes was $5,688 million in the
fourth quarter 2021, more than twice higher than in the fourth quarter 2020,
and $18,717 million in 2021, more than twice higher than in 2020, in line with
higher oil and gas prices.
4.3 Downstream (Refining & Chemicals and Marketing & Services)
4.3.1 Results
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 In millions of dollars 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
1,032 1,040 502 x2.1 1,054 -2% Adjusted net operating income* 3,527 2,263 +56%
1,267 506 840 +51% 950 +33% Organic investments 2,576 2,023 +27%
(281) 17 80 ns 158 ns Net acquisitions (368) 32 ns
986 523 920 +7% 1,108 -11% Net investments 2,208 2,055 +7%
1,559 1,611 1,129 +38% 1,505 +4% Operating cash flow before working capital changes ** 5,502 4,652 +18%
2,832 1,644 2,162 +31% 1,420 +99% Cash flow from operations ** 8,806 4,539 +94%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases.
4.4 Refining & Chemicals
4.4.1 Refinery and petrochemicals throughput and utilization rates
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 Refinery throughput and utilization rate* 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
1,279 1,225 1,262 +1% 1,509 -15% Total refinery throughput (kb/d) 1,180 1,292 -9%
223 274 247 -10% 282 -21% France 190 244 -22%
612 505 582 +5% 756 -19% Rest of Europe 568 618 -8%
444 446 433 +3% 471 -6% Rest of world 423 430 -2%
73% 69% 60% 71% Utlization rate based on crude only** 64% 61%
* Includes refineries in Africa reported in the Marketing & Services
segment.
** Based on distillation capacity at the beginning of the year, excluding
Grandpuits (shut down first quarter 2021) from 2021 and Lindsey refinery
(divested) from second quarter 2021.
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 Petrochemicals production and utilization rate 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
1,460 1,486 1,486 -2% 1,431 +2% Monomers* (kt) 5,775 5,519 +5%
1,231 1,330 1,291 -5% 1,169 +5% Polymers (kt) 4,938 4,934 -
90% 93% 90% 92% Vapocracker utilization rate** 90% 83%
* Olefins.
** Based on olefins production from steam crackers and their treatment
capacity at the start of the year.
Refinery throughput:
* Increased by 1% year-on-year in the fourth quarter 2021, due to the demand
recovery partially offset by the prolonged shutdown of the Donges refinery for
economic reasons, the shutdown of the Grandpuits refinery for conversion to a
zero-oil platform and the sale of the Lindsey refinery in the United Kingdom.
* Decreased 9% in 2021 compared to 2020 for the same reasons as well as the
planned major shutdown of the Leuna refinery in Germany in the second quarter
2021.
Monomer production:
* Decreased by 2% year-on-year in the fourth quarter 2021, notably due to a
planned maintenance shutdown on the Qapco platform in Qatar and unplanned
shutdowns at several sites in Europe, partially offset by the restart of the
Port Arthur steam cracker in the United States, in maintenance in 2020.
* Increased 5% in 2021 compared to 2020, supported by demand, and notably due to
the restart of the Port Arthur steam cracker in the United States, in
maintenance in 2020.
Polymer production decreased 5% year-on-year in the fourth quarter 2021, given
the decline in demand, particularly in Asia, and was stable in 2021 compared
to 2020.
4.4.2 Results
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 In millions of dollars 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
553 602 170 x3.3 580 -5% Adjusted net operating income* 1,909 1,039 +84%
680 321 448 +52% 479 +42% Organic investments 1,502 1,209 +24%
(156) (6) (2) ns 118 ns Net acquisitions (217) (54) ns
524 315 446 +17% 597 -12% Net investments 1,285 1,155 +11%
865 934 560 +54% 789 +10% Operating cash flow before working capital changes ** 2,946 2,472 +19%
2,446 799 1,514 +62% 1,142 x2.1 Cash flow from operations ** 6,473 2,438 x2.7
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases.
Adjusted net operating income from the Refining & Chemicals segment:
* Increased sharply to $553 million in the fourth quarter 2021, compared to $170
million in the fourth quarter 2020. The increase is linked to the very good
performance of petrochemicals and the increase in European and American
refining margins, despite the increase in energy costs,
* Increased 84% to $1,909 million in 2021, compared to $1,039 million in 2020,
for the same reasons.
Operating cash flow before working capital changes was $865 million in the
fourth quarter 2021 and $2,946 million in 2021, up 54% and 19% year-on-year,
respectively, in line with the very good performance of petrochemicals and
refining margins that increased, although still low, at the end of 2021.
4.5 Marketing & Services
4.5.1 Petroleum product sales
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 Sales in kb/d* 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
1,553 1,542 1,509 +3% 1,835 -15% Total Marketing & Services sales 1,503 1,477 +2%
868 867 828 +5% 1,033 -16% Europe 826 823 -
684 675 681 +1% 801 -15% Rest of world 677 654 +4%
* Excludes trading and bulk refining sales.
Petroleum product sales showed year-on-year growth of 3% in the fourth quarter
2021 and 2% for the full-year 2021, thanks to the improvement in the health
situation and the global economic rebound. This increase reflects mainly the
recovery in retail activity and, at the end of 2021, of the aviation activity.
4.5.2 Results
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 In millions of dollars 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
479 438 332 +44% 474 +1% Adjusted net operating income* 1,618 1,224 +32%
587 185 392 +50% 471 +25% Organic investments 1,074 814 +32%
(125) 23 82 ns 40 ns Net acquisitions (151) 86 ns
462 208 474 -3% 511 -10% Net investments 923 900 +3%
694 677 569 +22% 716 -3% Operating cash flow before working capital changes ** 2,556 2,180 +17%
386 845 648 -40% 278 +39% Cash flow from operations ** 2,333 2,101 +11%
* Detail of adjustment items shown in the business segment information annex
to financial statements.
** Excluding financial charges, except those related to leases.
Adjusted net operating income for the Marketing & Services segment was
$479 million in the fourth quarter 2021 and $1,618 million in 2021, up 44% and
32% year-on-year, respectively.
Operating cash flow before working capital changes was $694 million in the
fourth quarter 2021 and $2,556 million in 2021, up 22% and 17% year-on-year,
respectively.
These results are back to levels comparable to those of the pre-crisis period,
despite a 19% drop in sales in 2021 compared to 2019 (most of which is linked
to the strategy to arbitrage low margin sales).
5. TotalEnergies results
5.1 Adjusted net operating income from business segments
Adjusted net operating income from the business segments was:
* $7,316 million in the fourth quarter 2021, compared to $1,824 million a year
ago, due to higher oil and gas prices,
* $20,209 million in 2021, compared to $6,404 million in 2020, for the same
reason.
5.2 Adjusted net income (TotalEnergies share)
Adjusted net income (TotalEnergies share) was:
* $6,825 million in the fourth quarter 2021 compared to $1,304 million a year
ago, due to higher oil and gas prices,
* $18,060 million in 2021, compared to $4,059 million in 2020, for the same
reason.
Adjusted net income excludes the after-tax inventory effect, special items and
the impact of changes in fair value((17)).
Total net income adjustments((18)) were:
* -$988 million in the fourth quarter 2021, mainly comprised of -$670 million
for impairments, including -$305 million for the withdrawal of TotalEnergies
from Myanmar and -$170 million for the loss on the sale of TotalEnergies'
interest in Yucal Placer in Venezuela,
* -$2,028 million for 2021, comprised of the elements above as well as notably
the -$1,379 million loss on the sale of TotalEnergies' stake in Petrocedeño
to PDVSA in Venezuela and the -$177 million loss on the Utica sale in the
United States, the -$89 million impairment related to the end of the Qatargas
1 contract, restructuring charges related to the voluntary departure plan in
France and Belgium, and a positive inventory effect of $1,495 million for the
year.
TotalEnergies' effective tax rate was 40.2% in the fourth quarter 2021,
compared to 39.6% in the previous quarter and 14.9% in the fourth quarter
2020. The exceptionally low rate in the fourth quarter 2020 reflected the
impact of the Covid crisis on financial results.
5.3 Adjusted earnings per share
Adjusted fully-diluted earnings per share was:
* $2.55 in the fourth quarter 2021, calculated based on 2,644 million
weighted-average diluted shares, compared to $0.46 a year earlier,
* $6.68 in 2021, calculated based on 2,647 million weighted-average diluted
shares, compared to $1.43 a year earlier.
As of December 31, 2021, the number of fully-diluted shares was 2,626 million.
As part of its shareholder return policy, TotalEnergies repurchased 30.7
million shares for cancellation in the fourth quarter 2021 for $1.5 billion.
5.4 Acquisitions - asset sales
Acquisitions were:
* $288 million in the fourth quarter 2021, including the acquisition of Blue
Raven Solar by SunPower in the United States,
* $3,284 million in 2021, including the acquisition above as well as notably the
acquisition of a 20% interest for $2 billion in Adani Green Energy Limited,
the renewable project developer in India, the acquisition of Fonroche Biogaz
in France, the interest in the Yunlin wind project in Taiwan and the 10%
increase in the interest in the Lapa block in Brazil.
Asset sales were:
* $684 million in the fourth quarter 2021, including the sale of TotalEnergies'
interests in 7 mature non-operated offshore fields and the Cap Lopez oil
terminal in Gabon and the sale of a 30% interest in TRAPIL in France,
* $2,652 million in 2021, including the elements above as well as the payment by
GIP of more than $750 million as part of the tolling agreement for the
infrastructure of the Gladstone LNG project in Australia, the sale in France
of a 50% interest in a portfolio of renewable projects with a total capacity
of 285 MW (100%), the sale of the 10% stake in onshore block OML 17 in
Nigeria, the price supplement related to the sale of Block CA1 in Brunei, the
sale of the Lindsey refinery in the United Kingdom, the sale of interests in
the TBG pipeline in Brazil, the sale of shares in Clean Energy Fuels Corp. and
the sale of interests in Tellurian Inc. in the United States.
5.5 Net cash flow
TotalEnergies’ net cash flow((19)) was:
* $5,076 million in the fourth quarter 2021 compared to -$33 million a year
earlier, reflecting the $4.9 billion increase in operating cash flow before
working capital changes and the $246 million decrease in net investments to
$4,285 million in the fourth quarter 2021,
* $15,833 million in 2021 compared to $2,708 million in 2020, reflecting the
$13.4 billion increase in operating cash flow before working capital changes
and a $318 million increase in net investments to $13,307 million in 2021.
Cash flow from operations of $11,621 million in the fourth quarter, compared
to operating cash flow before working capital changes of $9,361 million, was
positively impacted by a decrease in working capital requirements of $2.7
billion, which was driven by an increase in tax liabilities and by a reduction
in net receivables, and negatively impacted by variations in margin calls,
related to hedging mechanisms in a context of high volatility in the gas and
electricity markets.
5.6 Profitability
Return on equity was 16.9% for the full-year 2021.
In millions of dollars January 1, 2021 October 1, 2020 January 1, 2020
December 31, 2021 September 30, 2021 De
ce
mb
er
31
,
20
20
Adjusted net income 18,391 12,827 4,067
Average adjusted shareholders' equity 108,504 106,794 110,643
Return on equity (ROE) 16.9% 12.0% 3.7%
Return on average capital employed was 13.9% for the full-year 2021.
In millions of dollars January 1, 2021 October 1, 2020 January 1, 2020
December 31, 2021 September 30, 2021 De
ce
mb
er
31
,
20
20
Adjusted net operating income 19,766 14,237 5,806
Average capital employed 142,215 142,180 145,723
ROACE 13.9% 10.0% 4.0%
6. TotalEnergies SE statutory accounts
Net income for TotalEnergies SE, the parent company, was €6,868 million in
2021 compared to €7,238 million in 2020.
7. 2022 Sensitivities*
Change Estimated impact on adjusted Estimated impact on
net operating income
cash flow from operations
Dollar +/- 0.1 $ per € -/+ 0.1 B$ ~0 B$
Average liquids price** +/- 10 $/b +/- 2.7 B$ +/- 3.2 B$
European gas price - NBP +/- 10 $/Mbtu +/- 3.0 B$ +/- 3.0 B$
Variable cost margin, European refining (VCM) +/- 10 $/t +/- 0.4 B$ +/- 0.5 B$
* Sensitivities are revised once per year upon publication of the previous
year’s fourth quarter results. Sensitivities are estimates based on
assumptions about TotalEnergies’ portfolio in 2022. Actual results could
vary significantly from estimates based on the application of these
sensitivities. The impact of the $-€ sensitivity on adjusted net operating
income is essentially attributable to Refining & Chemicals. Please find
the indicators detailed page 21.
** In a 60 $/b Brent environment.
8. Summary and outlook
The prices of oil rose above $90/b for the first time since 2014 at the
beginning of 2022. This increase in price is driven by the global demand
recovery and OPEC+ discipline in a context of constrained supply, given the
low level of investment in hydrocarbons since 2015. It is exacerbated in the
short term by low oil inventories. Prices could therefore remain at high
levels, depending on the mobilization of OPEC+ production and the growth of
unconventional oil production in the United States.
After reaching all-time highs in the fourth quarter 2021, gas prices have
remained very high in Europe and Asia since the beginning of 2022, driven by
geopolitical uncertainties in Europe despite a mild winter season. In this
context, futures markets anticipate gas prices that may remain above $20/Mbtu
in 2022.
TotalEnergies anticipates 2022 hydrocarbon production growth of around 2%,
driven by the start-ups of Mero 1 in Brazil and Ikike in Nigeria, the entry
into the Atapu and Sépia PSCs in Brazil effective May 2022 but impacted by
the sales of mature assets completed in 2021 as well as the exit from Myanmar
effective July 2022.
Continuing the momentum that has been underway for several years,
TotalEnergies is implementing its strategy of integrated growth in LNG, which
will generate structural cash flow growth of $1 billion in 2022. In addition,
given the evolution of oil and gas prices in recent months and the lag effect
on price formulas, TotalEnergies anticipates that its average LNG selling
price should remain at a high level of at least $12/Mbtu in the first half of
2022.
In Renewables & Electricity, TotalEnergies plans to have more than 16 GW
of renewable gross capacity in operation by year-end 2022. Electricity
generation will increase by more than 25% in 2022, representing a proportional
adjusted EBITDA((20)) of at least $1.5 billion. To implement its profitable
growth strategy in the electricity value chain, TotalEnergies will allocate,
in 2022, $3.5 billion of net investments to Renewables & Electricity, or
25% of its net investments.
Downstream will continue to strengthen its industrial competitiveness and
invest in petrochemicals and in new markets, such as biofuels and electric
mobility. In 2022, as part of its diversified portfolio, it is expected to
contribute more than $6 billion to the Company's cash flow, based on an
assumption of $25/t refining margins.
Confident in its ability to transform itself into a sustainable multi-energy
company and increase the return to shareholders, the Company confirms its cash
flow allocation priorities: investing in profitable projects to implement its
transformation strategy, linking dividend growth to structural cash flow
growth, maintaining a strong balance sheet and a long-term debt rating with a
minimum "A" level by anchoring gearing below 20%, and allocating a share of
the surplus cash flow from high hydrocarbon prices to share buybacks.
In accordance with this policy, TotalEnergies expects net investments of
$14-15 billion in 2022, of which 50% will be allocated to growth and 50% to
maintaining the base of its activity.
* * * *
To listen to the conference call with CEO Patrick Pouyanné and CFO
Jean-Pierre Sbraire today at 13:00 (Paris time) please log on to
totalenergies.com or call +44 (0) 207 192 8338 in Europe or +1 (646) 7413-167
in the United States (code: 8472569). The conference replay will be available
on totalenergies.com after the event.
((1)) Definition on page 4.
((2)) Excluding leases.
((3)) Certain transactions referred to in the highlights are subject to
approval by authorities or to conditions as per the agreements.
((4)) Adjusted results are defined as income using replacement cost, adjusted
for special items, excluding the impact of changes for fair value; adjustment
items are on page 17.
((5)) Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and
Amortization) corresponds to the adjusted earnings before depreciation,
depletion and impairment of tangible and intangible assets and mineral
interests, income tax expense and cost of net debt, i.e., all operating income
and contribution of equity affiliates to net income.
((6)) Effective tax rate = (tax on adjusted net operating income) / (adjusted
net operating income – income from equity affiliates – dividends received
from investments – impairment of goodwill + tax on adjusted net operating
income).
((7) )In accordance with IFRS rules, adjusted fully-diluted earnings per share
is calculated from the adjusted net income less the interest on the perpetual
subordinated bond
((8)) Organic investments = net investments excluding acquisitions, asset
sales and other operations with non-controlling interests.
((9)) Net acquisitions = acquisitions – assets sales – other transactions
with non-controlling interests (see page 18).
((10) )Net investments = organic investments + net acquisitions (see page 18).
((11)) Operating cash flow before working capital changes, is defined as cash
flow from operating activities before changes in working capital at
replacement cost, excluding the mark-to-market effect of iGRP’s contracts
and including capital gain from renewable projects sale (effective first
quarter 2020).
The inventory valuation effect is explained on page 20. The reconciliation
table for different cash flow figures is on page 18.
((12)) DACF = debt adjusted cash flow, is defined as operating cash flow
before working capital changes and financial charges
((13)) The six greenhouse gases in the Kyoto protocol, namely CO2, CH4, N2O,
HFCs, PFCs and SF6, with their respective GWP (Global Warming Potential) as
described in the 2007 IPCC report. HFCs, PFCs and SF6 are virtually absent
from the Company’s emissions or are considered as non-material and are
therefore not counted.
((14) )Scope 1+2 GHG emissions of operated facilities are defined as the sum
of direct emissions of greenhouse gases from sites or activities that are
included in the scope of reporting (as defined in the Company’s 2020
Universal Registration Document) and indirect emissions attributable to
brought-in energy (electricity, heat, steam), excluding purchased industrial
gases (H2).
((15)) TotalEnergies reports Scope 3 GHG emissions, category 11, which
correspond to indirect GHG emissions related to the use by customers of energy
products, i.e., combustion of the products to obtain energy. The Company
follows the oil & gas industry reporting guidelines published by IPIECA,
which comply with the GHG Protocol methodologies. In order to avoid double
counting, this methodology accounts for the largest volume in the oil and gas
value chain, i.e., the higher of the two production volumes or sales to end
customers. For TotalEnergies, in 2021, the calculation of Scope 3 GHG
emissions for the oil value chain considers oil products and biofuels sales
(higher than production) and for the gas value chain, marketable gas
production (higher than marketing sales).
((16) )Scope 1+2+3 GHG emissions in Europe are defined as the sum of Scope 1+2
GHG emissions of facilities operated by the Company and indirect GHG emissions
related to the use by customers of energy products (Scope 3) in the EU,
Norway, United Kingdom and Switzerland.
((17) )These adjustment elements are explained page 20.
((18)) The total of the adjustment items of the net income is detailed page 17
as well as in the annexes to the accounts
((19)) Net cash flow = operating cash flow before working capital changes -
net investments (including other transactions with non-controlling interest).
((20)) Definition on page 7.
* * * *
9. Operating information by segment
9.1 Company’s production (Exploration & Production + iGRP)
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 Combined liquids and gas 2021 2020 2021
vs
vs production by region (kboe/d)
vs
4Q20
4Q19
2020
1,063 989 1,059 - 1,102 -4% Europe and Central Asia 1,022 1,039 -2%
508 537 566 -10% 703 -28% Africa 532 629 -15%
682 681 598 +14% 701 -3% Middle East and North Africa 667 624 +7%
363 372 382 -5% 368 -1% Americas 372 353 +5%
235 235 236 - 239 -2% Asia-Pacific 226 226 -
2,852 2,814 2,841 - 3,113 -8% Total production 2,819 2,871 -2%
739 711 727 +2% 768 -4% includes equity affiliates 732 712 +3%
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 Liquids production by region (kb/d) 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
378 362 378 - 373 +1% Europe and Central Asia 366 380 -4%
379 401 427 -11% 560 -32% Africa 398 488 -18%
534 530 454 +18% 560 -5% Middle East and North Africa 516 474 +9%
174 179 181 -4% 171 +2% Americas 179 158 +13%
45 45 43 +3% 50 -11% Asia-Pacific 40 43 -7%
1,509 1,517 1,483 +2% 1,714 -12% Total production 1,500 1,543 -3%
205 205 200 +2% 212 -4% includes equity affiliates 206 202 +2%
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 Gas production by region (Mcf/d) 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
3,683 3,366 3,666 - 3,887 -5% Europe and Central Asia 3,524 3,547 -1%
664 689 701 -5% 686 -3% Africa 681 717 -5%
825 838 809 +2% 792 +4% Middle East and North Africa 838 835 -
1,064 1,086 1,126 -6% 1,109 -4% Americas 1,086 1,095 -1%
1,092 1,091 1,104 -1% 1,089 - Asia-Pacific 1,074 1,052 +2%
7,328 7,070 7,406 -1% 7,563 -3% Total production 7,203 7,246 -1%
2,889 2,730 2,851 +1% 2,961 -2% includes equity affiliates 2,842 2,748 +3%
9.2 Downstream (Refining & Chemicals and Marketing & Services)
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 Petroleum product sales by region (kb/d) 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
1,668 1,579 1,651 +1% 1,993 -16% Europe 1,582 1,586 -
780 693 628 +24% 737 +6% Africa 701 579 +21%
817 811 794 +3% 763 +7% Americas 800 773 +3%
526 486 547 -4% 526 - Rest of world 500 471 +6%
3,791 3,568 3,619 +5% 4,019 -6% Total consolidated sales 3,581 3,410 +5%
437 360 458 -5% 508 -14% Includes bulk sales 383 434 -12%
1,801 1,666 1,652 +9% 1,676 +7% Includes trading 1,696 1,498 +13%
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 Petrochemicals production* (kt) 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
1,249 1,308 1,381 -10% 1,253 - Europe 5,069 5,202 -3%
689 705 662 +4% 630 +9% Americas 2,629 2,475 +6%
753 802 735 +2% 717 +5% Middle East and Asia 3,014 2,775 +9%
* Olefins, polymers.
9.3 Renewables
4Q21 4Q20
Installed power generation gross capacity (GW) ((1),(2)) Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
France 0.6 0.5 0.0 0.1 1.2 0.4 0.5 0.0 0.1 1.0
Rest of Europe 0.2 1.0 0.0 0.1 1.3 0.1 0.8 0.0 0.1 1.0
Africa 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.1
Middle East 0.3 0.0 0.0 0.0 0.3 0.3 0.0 0.0 0.0 0.3
North America 0.9 0.0 0.0 0.0 0.9 0.6 0.0 0.0 0.0 0.6
South America 0.4 0.3 0.0 0.0 0.7 0.2 0.1 0.0 0.0 0.2
India 4.5 0.2 0.0 0.0 4.7 3.3 0.0 0.0 0.0 3.3
Asia-Pacific 1.0 0.0 0.0 0.0 1.0 0.5 0.0 0.0 0.0 0.5
Total 8.0 2.0 0.0 0.2 10.3 5.6 1.3 0.0 0.1 7.0
4Q21 4Q20
Power generation gross capacity from renewables Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
in construction (GW) ((1),(2))
France 0.2 0.2 0.0 0.1 0.4 0.3 0.0 0.0 0.0 0.3
Rest of Europe 0.0 0.1 1.1 0.0 1.2 0.1 0.3 1.1 0.0 1.5
Africa 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Middle East 0.8 0.0 0.0 0.0 0.8 0.8 0.0 0.0 0.0 0.8
North America 1.5 0.0 0.0 0.0 1.5 0.0 0.0 0.0 0.0 0.1
South America 0.0 0.0 0.0 0.0 0.0 0.2 0.3 0.0 0.0 0.4
India 1.2 0.4 0.0 0.0 1.6 0.5 0.0 0.0 0.0 0.5
Asia-Pacific 0.3 0.0 0.6 0.0 1.0 0.5 0.0 0.0 0.0 0.5
Total 4.0 0.6 1.7 0.1 6.5 2.3 0.6 1.1 0.1 4.1
4Q21 4Q20
Power generation gross capacity from renewables Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
in development (GW) ((1),(2))
France 3.1 0.8 0.0 0.0 3.9 3.5 1.0 0.0 0.1 4.6
Rest of Europe 5.2 0.3 2.3 0.0 7.8 5.1 0.3 0.4 0.0 5.7
Africa 0.4 0.0 0.0 0.1 0.5 0.1 0.1 0.0 0.0 0.2
Middle East 1.6 0.0 0.0 0.0 1.6 0.1 0.0 0.0 0.0 0.1
North America 2.3 0.1 0.0 0.7 3.1 0.6 0.3 0.0 0.0 0.9
South America 0.6 0.4 0.0 0.1 1.2 0.5 0.3 0.0 0.0 0.9
India 4.4 0.1 0.0 0.0 4.5 1.6 0.0 0.0 0.0 1.6
Asia-Pacific 1.2 0.0 2.1 0.1 3.5 0.9 0.0 0.0 0.0 0.9
Total 18.9 1.7 4.4 1.1 26.2 12.5 2.0 0.4 0.1 15.0
((1)) Includes 20% of gross capacity of Adani Green Energy Ltd effective first
quarter 2021.
((2)) End-of-period data.
In operation In construction In development
Gross renewables capacity covered by PPA Solar Onshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
at 12/31/2021 (GW)
Europe 0.8 1.5 X 2.5 X 0.2 0.8 X 1.2 4.0 0.3 X X 4.3
Asia 5.7 X X 5.9 2.4 0.4 0.6 - 3.4 6.2 X - X 6.4
North America 0.8 X X 0.9 1.5 X - X 1.5 X - - X X
Rest of World 0.6 0.3 X 0.9 X X - X X 0.5 X - X 0.7
Total 8.0 2.0 X 10.2 4.0 0.6 1.4 X 6.2 10.8 0.5 X 0.3 11.6
X not specified, capacity < 0.2 GW.
In operation In construction In development
PPA average price at 12/31/2021 Solar Onshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total Solar Onshore Wind Offshore Wind Other Total
($/MWh)
Europe 196 118 X 143 X 66 64 X 66 42 96 X X 46
Asia 80 X X 80 40 50 214 - 72 38 X - X 38
North America 153 X X 156 28 X - X 28 X - - X X
Rest of World 80 54 X 72 X X - X X 77 X - X 77
Total 99 103 X 100 37 63 116 X 61 42 81 X 144 44
X not specified, PPA relating to a capacity < 0.2 GW.
10. Adjustment items to net income (TotalEnergies share)
4Q21 3Q21 4Q20 4Q19 In millions of dollars 2021 2020
(1,074) (325) (683) (666) Special items affecting net income (TotalEnergies share) (3,329) (10,044)
(170) (177) 104 - Gain (loss) on asset sales (1,726) 104
6 (43) (194) (5) Restructuring charges (308) (364)
(670) (47) (71) (248) Impairments (910) (8,465)
(240) (58) (522) (413) Other (385) (1,319)
111 320 224 57 After-tax inventory effect : FIFO vs. replacement cost 1,495 (1,280)
(25) (119) 46 44 Effect of changes in fair value (194) 23
(988) (124) (413) (565) Total adjustments affecting net income (2,028) (11,301)
11. Reconciliation of adjusted EBITDA with consolidated financial statements
11.1 Reconciliation of net income (TotalEnergies share) to adjusted EBITDA
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 In millions of dollars 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
5,837 4,645 891 x6.6 2,600 x2.2 Net income - TotalEnergies share 16,032 (7,242) ns
988 124 413 x2.4 565 +75% Less: adjustment items to net income (TotalEnergies share) 2,028 11,301 -82%
6,825 4,769 1,304 x5.2 3,165 x2.2 Adjusted net income - TotalEnergies share 18,060 4,059 x4.4
Adjusted items
79 105 36 x2.2 68 +16% Add: non-controlling interests 331 8 x41.4
3,606 2,674 135 x26.7 1,329 x2.7 Add: income taxes 9,211 1,309 x7
3,278 3,172 3,172 +3% 3,761 -13% Add: depreciation, depletion and impairment of tangible assets and mineral interests 12,735 13,312 -4%
119 85 96 +24% 74 +61% Add: amortization and impairment of intangible assets 401 352 +14%
483 454 497 -3% 603 -20% Add: financial interest on debt 1,904 2,140 -11%
(105) (79) (32) ns (51) ns Less: financial income and expense from cash & cash equivalents (340) (68) ns
14,285 11,180 5,208 x2.7 8,949 +60% Adjusted EBITDA 42,302 21,112 x2
11.2 Reconciliation of revenues from sales to adjusted EBITDA and net income
(TotalEnergies share)
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 In millions of dollars 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
Adjusted items
55,298 49,070 32,345 +71% 43,375 +27% Revenues from sales 184,678 119,684 +54%
(36,189) (32,574) (20,781) ns (28,126) ns Purchases, net of inventory variation (120,160) (75,672) ns
(6,630) (6,548) (6,466) ns (6,874) ns Other operating expenses (26,754) (24,850) ns
(215) (127) (338) ns (231) ns Exploration costs (632) (731) ns
551 195 275 x2 256 x2.2 Other income 1,300 1,405 -7%
(374) (32) (184) ns (59) ns Other expense, excluding amortization and impairment of intangible assets (543) (337) ns
195 193 173 +13% 143 +36% Other financial income 762 914 -17%
(138) (140) (183) ns (203) ns Other financial expense (539) (689) ns
1,787 1,143 367 x4.9 668 x2.7 Net income (loss) from equity affiliates 4,190 1,388 x3
14,285 11,180 5,208 x2.7 8,949 +60% Adjusted EBITDA 42,302 21,112 x2
Adjusted items
(3,278) (3,172) (3,172) ns (3,761) ns Less: depreciation, depletion and impairment of tangible assets and mineral interests (12,735) (13,312) ns
(119) (85) (96) ns (74) ns Less: amortization of intangible assets (401) (352) ns
(483) (454) (497) ns (603) ns Less: financial interest on debt (1,904) (2,140) ns
105 79 32 x3.3 51 x2.1 Add: financial income and expense from cash & cash equivalents 340 68 x5
(3,606) (2,674) (135) ns (1,329) ns Less: income taxes (9,211) (1,309) ns
(79) (105) (36) ns (68) ns Less: non-controlling interests (331) (8) ns
(988) (124) (413) ns (565) ns Add: adjustment - TotalEnergies share (2,028) (11,301) ns
5,837 4,645 891 x6.6 2,600 x2.2 Net income - TotalEnergies share 16,032 (7,242) ns
12. Investments - Divestments
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 In millions of dollars 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
4,681 2,813 3,432 +36% 4,291 +9% Organic investments ( a ) 12,675 10,339 +23%
182 172 214 -15% 136 +34% Capitalized exploration 841 659 +28%
348 211 355 -2% 319 +9% Increase in non-current loans 1,231 1,657 -26%
(234) (112) (212) ns (102) ns Repayment of non-current loans, (531) (717) ns
excluding organic loan repayment from equity affiliates
(52) 1 (46) ns - ns Change in debt from renewable projects (222) (209) ns
(TotalEnergies share)
288 126 1,538 -81% 277 +4% Acquisitions ( b ) 3,284 4,189 -22%
684 1,084 439 +56% 357 +92% Asset sales ( c ) 2,652 1,539 +72%
34 (5) 15 x2.3 - ns Change in debt from renewable projects (partner share) 134 105 +28%
(396) (958) 1,099 ns (80) ns Net acquisitions 632 2,650 -76%
4,285 1,855 4,531 -5% 4,211 +2% Net investments ( a + b - c ) 13,307 12,989 +2%
- 757 - ns (11) -100% Other transactions with non-controlling interests ( d ) 757 - ns
(398) (120) (77) ns (275) ns Organic loan repayment from equity affiliates ( e ) (626) (111) ns
86 (6) 61 +41% - ns Change in debt from renewable projects financing * ( f ) 356 314 +13%
34 30 39 -13% - ns Capex linked to capitalized leasing contracts ( g ) 111 113 -2%
27 - - ns - ns Expenditures related to carbon credits ( h ) 27 - ns
3,912 2,456 4,476 -13% 3,925 - Cash flow used in investing activities ( a + b - c + d + e + f - g - h ) 13,656 13,079 +4%
* Change in debt from renewable projects (TotalEnergies share and partner
share).
13. Cash flow
4Q21 3Q21 4Q20 4Q21 4Q19 4Q21 In millions of dollars 2021 2020 2021
vs
vs
vs
4Q20
4Q19
2020
9,759 8,390 4,933 +98% 7,326 +33% Operating cash flow before working capital changes w/o financial charges (DACF) 30,660 17,635 +74%
(398) (330) (436) ns (533) ns Financial charges (1,520) (1,938) ns
9,361 8,060 4,498 x2.1 6,793 +38% Operating cash flow before working capital changes ( a ) * 29,140 15,697 +86%
2,591 (2,662) 976 x2.7 92 x28.2 (Increase) decrease in working capital ** 188 753 -75%
85 365 308 -72% (11) ns Inventory effect 1,796 (1,440) ns
(19) (3) (32) ns - ns Capital gain from renewable projects sale (89) (96) ns
(398) (120) (77) ns (275) ns Organic loan repayment from equity affiliates (626) (111) ns
11,621 5,640 5,674 x2 6,599 +76% Cash flow from operations 30,410 14,803 x2.1
4,681 2,813 3,432 +36% 4,291 +9% Organic investments ( b ) 12,675 10,339 +23%
4,680 5,247 1,066 x4.4 2,502 +87% Free cash flow after organic investments, 16,465 5,358 x3.1
w/o net asset sales ( a - b )
4,285 1,855 4,531 -5% 4,211 +2% Net investments ( c ) 13,307 12,989 +2%
5,076 6,205 (33) ns 2,582 +97% Net cash flow ( a - c ) 15,833 2,708 x5.8
* Operating cash flow before working capital changes, is defined as cash flow
from operating activities before changes in working capital at replacement
cost, excluding the mark-to-market effect of iGRP’s contracts and including
capital gain from renewable projects sale (effective first quarter 2020).
Historical data have been restated to cancel the impact of fair valuation of
iGRP sector’s contracts.
** Changes in working capital are presented excluding the mark-to-market
effect of iGRP’s contracts.
14. Gearing ratio
In millions of dollars 12/31/2021 09/30/2021 12/31/2020 12/31/2019
Current borrowings ((1)) 13,645 15,184 15,893 13,617
Other current financial liabilities 372 504 203 487
Current financial assets ((1),(2)) (12,183) (3,821) (4,519) (3,847)
Net financial assets classified as held for sale (4) (1) 313 301
Non-current financial debt ((1)) 41,868 43,350 52,467 41,510
Non-current financial assets ((1)) (1,557) (1,927) (3,762) (748)
Cash and cash equivalents (21,342) (28,971) (31,268) (27,352)
Net debt (a) 20,799 24,318 29,327 23,968
Shareholders’ equity - TotalEnergies share 111,736 110,016 103,702 116,778
Non-controlling interests 3,263 3,211 2,383 2,527
Shareholders' equity (b) 114,999 113,227 106,085 119,305
Net-debt-to-capital ratio = a / (a+b) 15.3% 17.7% 21.7% 16.7%
Leases (c) 8,055 7,786 7,812 7,156
Net-debt-to-capital ratio including leases (a+c) / (a+b+c) 20.1% 22.1% 25.9% 20.7%
((1)) Excludes leases receivables and leases debts.
((2) )Including initial margins held as part of the Company's activities on
organized markets.
15. Return on average capital employed
Full-year 2021
In millions of dollars Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Company
& Power
Adjusted net operating income 6,243 10,439 1,909 1,618 19,766
Capital employed at 12/31/2020* 45,611 78,928 11,375 8,793 142,617
Capital employed at 12/31/2021* 55,978 71,675 8,069 8,783 141,813
ROACE 12.3% 13.9% 19.6% 18.4% 13.9%
Twelve months ended September 30, 2021
In millions of dollars Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Company
& Power
Adjusted net operating income 3,738 7,982 1,526 1,471 14,237
Capital employed at 09/30/2020* 43,799 78,548 11,951 8,211 140,977
Capital employed at 09/30/2021* 52,401 75,499 9,156 8,281 143,383
ROACE 7.8% 10.4% 14.5% 17.8% 10.0%
Full-year 2020
In millions of dollars Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Company
& Power
Adjusted net operating income 1,778 2,363 1,039 1,224 5,806
Capital employed at 12/31/2019* 41,549 88,844 12,228 8,371 148,828
Capital employed at 12/31/2020* 45,611 78,928 11,375 8,793 142,617
ROACE 4.1% 2.8% 8.8% 14.3% 4.0%
* At replacement cost (excluding after-tax inventory effect).
Disclaimer:
The terms “TotalEnergies”, “TotalEnergies company” and “Company”
in this document are used to designate TotalEnergies SE and the consolidated
entities directly or indirectly controlled by TotalEnergies SE. Likewise, the
words “we”, “us” and “our” may also be used to refer to these
entities or their employees. The entities in which TotalEnergies SE directly
or indirectly owns a shareholding are separate and independent legal entities.
This press release presents the results for the fourth quarter 2021 and the
full-year 2021 from the consolidated financial statements of TotalEnergies SE
as of December 31, 2021 (unaudited). The audit procedures by the Statutory
Auditors are underway. The consolidated financial statements (unaudited) are
available on the website totalenergies.com. This document does not constitute
the annual financial report (rapport financier annuel) within the meaning of
article L.451.1.2 of the French monetary and financial code (code monétaire
et financier).
This document may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, notably with respect to the
financial condition, results of operations, business activities and industrial
strategy of TotalEnergies. This document may also contain statements regarding
the perspectives, objectives, areas of improvement and goals of TotalEnergies,
including with respect to climate change and carbon neutrality (net zero
emissions). An ambition expresses an outcome desired by TotalEnergies, it
being specified that the means to be deployed do not depend solely on
TotalEnergies. These forward-looking statements may generally be identified by
the use of the future or conditional tense or forward-looking words such as
“envisions”, “intends”, “anticipates”, “believes”,
“considers”, “plans”, “expects”, “thinks”, “targets”,
“aims” or similar terminology. Such forward-looking statements included in
this document are based on economic data, estimates and assumptions prepared
in a given economic, competitive and regulatory environment and considered to
be reasonable by TotalEnergies as of the date of this document.
These forward-looking statements are not historical data and should not be
interpreted as assurances that the perspectives, objectives or goals announced
will be achieved. They may prove to be inaccurate in the future, and may
evolve or be modified with a significant difference between the actual results
and those initially estimated, due to the uncertainties notably related to the
economic, financial, competitive and regulatory environment, or due to the
occurrence of risk factors, such as, notably, the price fluctuations in crude
oil and natural gas, the evolution of the demand and price of petroleum
products, the changes in production results and reserves estimates, the
ability to achieve cost reductions and operating efficiencies without unduly
disrupting business operations, changes in laws and regulations including
those related to the environment and climate, currency fluctuations, as well
as economic and political developments, changes in market conditions, loss of
market share and changes in consumer preferences, or pandemics such as the
COVID-19 pandemic. Additionally, certain financial information is based on
estimates particularly in the assessment of the recoverable value of assets
and potential impairments of assets relating thereto.
Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to
update publicly any forward-looking information or statement, objectives or
trends contained in this document whether as a result of new information,
future events or otherwise. The information on risk factors that could have a
significant adverse effect on TotalEnergies’ business, financial condition,
including its operating income and cash flow, reputation, outlook or the value
of financial instruments issued by TotalEnergies is provided in the most
recent version of the Universal Registration Document which is filed by
TotalEnergies SE with the French Autorité des Marchés Financiers and the
annual report on Form 20-F filed with the United States Securities and
Exchange Commission (“SEC”).
Financial information by business segment is reported in accordance with the
internal reporting system and shows internal segment information that is used
to manage and measure the performance of TotalEnergies. In addition to IFRS
measures, certain alternative performance indicators are presented, such as
performance indicators excluding the adjustment items described below
(adjusted operating income, adjusted net operating income, adjusted net
income), return on equity (ROE), return on average capital employed (ROACE),
gearing ratio, operating cash flow before working capital changes, the
shareholder rate of return. These indicators are meant to facilitate the
analysis of the financial performance of TotalEnergies and the comparison of
income between periods. They allow investors to track the measures used
internally to manage and measure the performance of TotalEnergies.
These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions
qualified as "special items" are excluded from the business segment figures.
In general, special items relate to transactions that are significant,
infrequent or unusual. However, in certain instances, transactions such as
restructuring costs or asset disposals, which are not considered to be
representative of the normal course of business, may be qualified as special
items although they may have occurred within prior years or are likely to
occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing &
Services segments are presented according to the replacement cost method. This
method is used to assess the segments’ performance and facilitate the
comparability of the segments’ performance with those of TotalEnergies’
principal competitors.
In the replacement cost method, which approximates the LIFO (Last-In,
First-Out) method, the variation of inventory values in the statement of
income is, depending on the nature of the inventory, determined using either
the month-end price differentials between one period and another or the
average prices of the period rather than the historical value. The inventory
valuation effect is the difference between the results according to the FIFO
(First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects,
for some transactions, differences between internal measures of performance
used by TotalEnergies’ management and the accounting for these transactions
under IFRS.
IFRS requires that trading inventories be recorded at their fair value using
period-end spot prices. In order to best reflect the management of economic
exposure through derivative transactions, internal indicators used to measure
performance include valuations of trading inventories based on forward prices.
TotalEnergies, in its trading activities, enters into storage contracts, whose
future effects are recorded at fair value in TotalEnergies’ internal
economic performance. IFRS precludes recognition of this fair value effect.
Furthermore, TotalEnergies enters into derivative instruments to risk manage
certain operational contracts or assets. Under IFRS, these derivatives are
recorded at fair value while the underlying operational transactions are
recorded as they occur. Internal indicators defer the fair value on
derivatives to match with the transaction occurrence.
The adjusted results (adjusted operating income, adjusted net operating
income, adjusted net income) are defined as replacement cost results, adjusted
for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share
represent dollar amounts converted at the average euro-dollar (€-$) exchange
rate for the applicable period and are not the result of financial statements
prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies,
in their filings with the SEC, to separately disclose proved, probable and
possible reserves that a company has determined in accordance with SEC rules.
We may use certain terms in this press release, such as “potential
reserves” or “resources”, that the SEC’s guidelines strictly prohibit
us from including in filings with the SEC. U.S. investors are urged to
consider closely the disclosure in the Form 20-F of TotalEnergies SE, File N°
1-10888, available from us at 2, place Jean Millier – Arche Nord
Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website
totalenergies.com. You can also obtain this form from the SEC by calling
1-800-SEC-0330 or on the SEC’s website sec.gov.
TotalEnergies financial statements
___________________
Fourth quarter and full-year 2021 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(unaudited)
(M$) ((a)) 4th quarter 3rd quarter 4th quarter
2021 2021 2020
Sales 60,348 54,729 37,943
Excise taxes (5,050) (5,659) (5,595)
Revenues from sales 55,298 49,070 32,348
Purchases, net of inventory variation (36,161) (32,344) (20,508)
Other operating expenses (6,680) (6,617) (6,663)
Exploration costs (323) (127) (338)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,919) (3,191) (3,543)
Other income 536 195 838
Other expense (755) (605) (697)
Financial interest on debt (483) (454) (501)
Financial income and expense from cash & cash equivalents 120 87 53
Cost of net debt (363) (367) (448)
Other financial income 195 193 173
Other financial expense (138) (140) (183)
Net income (loss) from equity affiliates 1,860 1,377 73
Income taxes (3,647) (2,692) (149)
Consolidated net income 5,903 4,752 903
TotalEnergies share 5,837 4,645 891
Non-controlling interests 66 107 12
Earnings per share ($) 2.19 1.72 0.31
Fully-diluted earnings per share ($) 2.17 1.71 0.31
((a)) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(unaudited)
(M$) 4th quarter 3rd quarter 4th quarter
2021 2021 2020
Consolidated net income 5,903 4,752 903
Other comprehensive income
Actuarial gains and losses 589 (3) 17
Change in fair value of investments in equity instruments 93 (95) 386
Tax effect (262) 5 (21)
Currency translation adjustment generated by the parent company (1,900) (2,368) 4,074
Items not potentially reclassifiable to profit and loss (1,480) (2,461) 4,456
Currency translation adjustment 1,179 1,260 (1,875)
Cash flow hedge (226) 424 617
Variation of foreign currency basis spread 4 2 (7)
Share of other comprehensive income of equity affiliates, net amount 71 184 (100)
Other (2) 1 (4)
Tax effect 22 (100) (180)
Items potentially reclassifiable to profit and loss 1,048 1,771 (1,549)
Total other comprehensive income (net amount) (432) (690) 2,907
Comprehensive income 5,471 4,062 3,810
TotalEnergies share 5,390 4,014 3,576
Non-controlling interests 81 48 234
CONSOLIDATED STATEMENT OF INCOME
TotalEnergies
(M$) ((a)) Year Year
2021 2020
(unaudited)
Sales 205,863 140,685
Excise taxes (21,229) (20,981)
Revenues from sales 184,634 119,704
Purchases, net of inventory variation (118,622) (77,486)
Other operating expenses (26,894) (25,538)
Exploration costs (740) (731)
Depreciation, depletion and impairment of tangible assets and mineral interests (13,556) (22,264)
Other income 1,312 2,237
Other expense (2,317) (1,506)
Financial interest on debt (1,904) (2,147)
Financial income and expense from cash & cash equivalents 379 37
Cost of net debt (1,525) (2,110)
Other financial income 762 914
Other financial expense (539) (690)
Net income (loss) from equity affiliates 3,438 452
Income taxes (9,587) (318)
Consolidated net income 16,366 (7,336)
TotalEnergies share 16,032 (7,242)
Non-controlling interests 334 (94)
Earnings per share ($) 5.95 (2.90)
Fully-diluted earnings per share ($) 5.92 (2.90)
((a) )Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TotalEnergies
(M$) Year Year
2021 2020
(unaudited)
Consolidated net income 16,366 (7,336)
Other comprehensive income
Actuarial gains and losses 1,035 (212)
Change in fair value of investments in equity instruments 66 533
Tax effect (411) 65
Currency translation adjustment generated by the parent company (7,202) 7,541
Items not potentially reclassifiable to profit and loss (6,512) 7,927
Currency translation adjustment 4,216 (4,645)
Cash flow hedge 278 (313)
Variation of foreign currency basis spread 2 28
Share of other comprehensive income of equity affiliates, net amount 706 (1,831)
Other (1) (8)
Tax effect (135) 72
Items potentially reclassifiable to profit and loss 5,066 (6,697)
Total other comprehensive income (net amount) (1,446) 1,230
Comprehensive income 14,920 (6,106)
TotalEnergies share 14,616 (6,312)
Non-controlling interests 304 206
CONSOLIDATED BALANCE SHEET
TotalEnergies
(M$) December 31, 2021 September 30, 2021 December 31, 2020
(unaudited) (unaudited)
ASSETS
Non-current assets
Intangible assets, net 32,484 32,895 33,528
Property, plant and equipment, net 106,559 105,902 108,335
Equity affiliates : investments and loans 31,053 30,467 27,976
Other investments 1,625 1,688 2,007
Non-current financial assets 2,404 2,799 4,781
Deferred income taxes 5,400 6,452 7,016
Other non-current assets 2,797 2,530 2,810
Total non-current assets 182,322 182,733 186,453
Current assets
Inventories, net 19,952 19,601 14,730
Accounts receivable, net 21,983 19,865 14,068
Other current assets 35,144 39,967 13,428
Current financial assets 12,315 3,910 4,630
Cash and cash equivalents 21,342 28,971 31,268
Assets classified as held for sale 400 633 1,555
Total current assets 111,136 112,947 79,679
Total assets 293,458 295,680 266,132
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 8,224 8,224 8,267
Paid-in surplus and retained earnings 117,849 113,795 107,078
Currency translation adjustment (12,671) (11,995) (10,256)
Treasury shares (1,666) (8) (1,387)
Total shareholders' equity - TotalEnergies share 111,736 110,016 103,702
Non-controlling interests 3,263 3,211 2,383
Total shareholders' equity 114,999 113,227 106,085
Non-current liabilities
Deferred income taxes 10,904 11,161 10,326
Employee benefits 2,672 3,218 3,917
Provisions and other non-current liabilities 20,269 20,355 20,925
Non-current financial debt 49,512 50,810 60,203
Total non-current liabilities 83,357 85,544 95,371
Current liabilities
Accounts payable 36,837 34,149 23,574
Other creditors and accrued liabilities 42,800 45,476 22,465
Current borrowings 15,035 16,471 17,099
Other current financial liabilities 372 504 203
Liabilities directly associated with the assets classified as held for sale 58 309 1,335
Total current liabilities 95,102 96,909 64,676
Total liabilities & shareholders' equity 293,458 295,680 266,132
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 5,903 4,752 903
Depreciation, depletion, amortization and impairment 4,222 3,361 3,796
Non-current liabilities, valuation allowances and deferred taxes 152 479 (237)
(Gains) losses on disposals of assets (184) 100 (260)
Undistributed affiliates' equity earnings (843) (506) 379
(Increase) decrease in working capital 2,232 (2,698) 1,342
Other changes, net 139 152 (249)
Cash flow from operating activities 11,621 5,640 5,674
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (4,540) (2,718) (3,834)
Acquisitions of subsidiaries, net of cash acquired (128) (23) (778)
Investments in equity affiliates and other securities (178) (67) (221)
Increase in non-current loans (348) (219) (355)
Total expenditures (5,194) (3,027) (5,188)
Proceeds from disposals of intangible assets and property, plant and equipment 349 150 114
Proceeds from disposals of subsidiaries, net of cash sold 36 4 124
Proceeds from disposals of non-current investments 266 177 186
Repayment of non-current loans 631 240 288
Total divestments 1,282 571 712
Cash flow used in investing activities (3,912) (2,456) (4,476)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders - - -
- Treasury shares (1,658) - -
Dividends paid:
- Parent company shareholders (1,991) (2,053) (2,053)
- Non-controlling interests (20) (41) (5)
Net issuance (repayment) of perpetual subordinated notes - - -
Payments on perpetual subordinated notes (57) (22) (62)
Other transactions with non-controlling interests (14) 721 (59)
Net issuance (repayment) of non-current debt 347 133 104
Increase (decrease) in current borrowings (3,368) (1,457) (339)
Increase (decrease) in current financial assets and liabilities (8,373) 513 1,212
Cash flow from (used in) financing activities (15,134) (2,206) (1,202)
Net increase (decrease) in cash and cash equivalents (7,425) 978 (4)
Effect of exchange rates (204) (650) 679
Cash and cash equivalents at the beginning of the period 28,971 28,643 30,593
Cash and cash equivalents at the end of the period 21,342 28,971 31,268
CONSOLIDATED STATEMENT OF CASH FLOW
TotalEnergies
(M$) Year Year
2021 2020
(unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 16,366 (7,336)
Depreciation, depletion, amortization and impairment 14,343 22,861
Non-current liabilities, valuation allowances and deferred taxes 962 (1,782)
(Gains) losses on disposals of assets (454) (909)
Undistributed affiliates' equity earnings (667) 948
(Increase) decrease in working capital (616) 1,869
Other changes, net 476 (848)
Cash flow from operating activities 30,410 14,803
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (12,343) (10,764)
Acquisitions of subsidiaries, net of cash acquired (321) (966)
Investments in equity affiliates and other securities (2,678) (2,120)
Increase in non-current loans (1,247) (1,684)
Total expenditures (16,589) (15,534)
Proceeds from disposals of intangible assets and property, plant and equipment 770 740
Proceeds from disposals of subsidiaries, net of cash sold 269 282
Proceeds from disposals of non-current investments 722 578
Repayment of non-current loans 1,172 855
Total divestments 2,933 2,455
Cash flow used in investing activities (13,656) (13,079)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 381 374
- Treasury shares (1,823) (611)
Dividends paid:
- Parent company shareholders (8,228) (6,688)
- Non-controlling interests (124) (184)
Net issuance (repayment) of perpetual subordinated notes 3,248 331
Payments on perpetual subordinated notes (313) (315)
Other transactions with non-controlling interests 652 (204)
Net issuance (repayment) of non-current debt (359) 15,800
Increase (decrease) in current borrowings (10,856) (6,501)
Increase (decrease) in current financial assets and liabilities (8,075) (604)
Cash flow from (used in) financing activities (25,497) 1,398
Net increase (decrease) in cash and cash equivalents (8,743) 3,122
Effect of exchange rates (1,183) 794
Cash and cash equivalents at the beginning of the period 31,268 27,352
Cash and cash equivalents at the end of the period 21,342 31,268
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TotalEnergies
(unaudited: Year 2021)
Common shares Paid-in surplus Currency Treasury shares Shareholders' equity - Non-controlling Total shareholders'
issued and retained translation TotalEnergies share interests equity
earnings adjustment
(M$) Number Amount Number Amount
As of January 1, 2020 2,601,881,075 8,123 121,170 (11,503) (15,474,234) (1,012) 116,778 2,527 119,305
Net income 2020 - - (7,242) - - - (7,242) (94) (7,336)
Other comprehensive income - - (321) 1,251 - - 930 300 1,230
Comprehensive Income - - (7,563) 1,251 - - (6,312) 206 (6,106)
Dividend - - (7,899) - - - (7,899) (234) (8,133)
Issuance of common shares 51,242,950 144 1,470 - - - 1,614 - 1,614
Purchase of treasury shares - - - - (13,236,044) (611) (611) - (611)
Sale of treasury shares ((1)) - - (236) - 4,317,575 236 - - -
Share-based payments - - 188 - - - 188 - 188
Share cancellation - - - - - - - - -
Net issuance (repayment) of perpetual subordinated notes - - 331 - - - 331 - 331
Payments on perpetual subordinated notes - - (308) - - - (308) - (308)
Other operations with non-controlling interests - - (61) (4) - - (65) (117) (182)
Other items - - (14) - - - (14) 1 (13)
As of December 31, 2020 2,653,124,025 8,267 107,078 (10,256) (24,392,703) (1,387) 103,702 2,383 106,085
Net income 2021 - - 16,032 - - - 16,032 334 16,366
Other comprehensive Income - - 991 (2,407) - - (1,416) (30) (1,446)
Comprehensive Income - - 17,023 (2,407) - - 14,616 304 14,920
Dividend - - (8,200) - - - (8,200) (124) (8,324)
Issuance of common shares 10,589,713 31 350 - - - 381 - 381
Purchase of treasury shares - - - - (37,306,005) (1,823) (1,823) - (1,823)
Sale of treasury shares ((1)) - - (216) - 4,573,195 216 - - -
Share-based payments - - 143 - - - 143 - 143
Share cancellation (23,284,409) (74) (1,254) - 23,284,409 1,328 - - -
Net issuance (repayment) of perpetual subordinated notes - - 3,254 - - - 3,254 - 3,254
Payments on perpetual subordinated notes - - (368) - - - (368) - (368)
Other operations with non-controlling interests - - 30 (6) - - 24 689 713
Other items - - 9 (2) - - 7 11 18
As of December 31, 2021 2,640,429,329 8,224 117,849 (12,671) (33,841,104) (1,666) 111,736 3,263 114,999
((1) )Treasury shares related to the performance share grants
BUSINESS SEGMENT INFORMATION
TotalEnergies
(unaudited)
4th quarter 2021 Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales 11,634 2,068 24,781 21,854 11 - 60,348
Intersegment sales 1,466 11,875 8,716 155 148 (22,360) -
Excise taxes - - (238) (4,812) - - (5,050)
Revenues from sales 13,100 13,943 33,259 17,197 159 (22,360) 55,298
Operating expenses (11,141) (5,412) (32,250) (16,347) (374) 22,360 (43,164)
Depreciation, depletion and impairment of tangible assets and mineral interests (545) (2,637) (399) (307) (31) - (3,919)
Operating income 1,414 5,894 610 543 (246) - 8,215
Net income (loss) from equity affiliates and other items 1,281 74 228 83 32 - 1,698
Tax on net operating income (237) (3,124) (234) (164) 75 - (3,684)
Net operating income 2,458 2,844 604 462 (139) - 6,229
Net cost of net debt (326)
Non-controlling interests (66)
Net income - TotalEnergies share 5,837
4th quarter 2021 (adjustments) ((a) ) Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales - - - - - - -
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - - - - - - -
Operating expenses (57) (132) 38 21 - - (130)
Depreciation, depletion and impairment of tangible assets and mineral interests (187) (418) - (36) - - (641)
Operating income( (b)) (244) (550) 38 (15) - - (771)
Net income (loss) from equity affiliates and other items (116) (111) 23 (6) 6 - (204)
Tax on net operating income 59 (20) (10) 4 (69) - (36)
Net operating income( (b)) (301) (681) 51 (17) (63) - (1,011)
Net cost of net debt 10
Non-controlling interests 13
Net income - TotalEnergies share (988)
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
((b) )Of which inventory valuation effect
On operating income - - 32 53 -
On net operating income - - 74 47 -
4th quarter 2021 (adjusted) Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales 11,634 2,068 24,781 21,854 11 - 60,348
Intersegment sales 1,466 11,875 8,716 155 148 (22,360) -
Excise taxes - - (238) (4,812) - - (5,050)
Revenues from sales 13,100 13,943 33,259 17,197 159 (22,360) 55,298
Operating expenses (11,084) (5,280) (32,288) (16,368) (374) 22,360 (43,034)
Depreciation, depletion and impairment of tangible assets and mineral interests (358) (2,219) (399) (271) (31) - (3,278)
Adjusted operating income 1,658 6,444 572 558 (246) - 8,986
Net income (loss) from equity affiliates and other items 1,397 185 205 89 26 - 1,902
Tax on net operating income (296) (3,104) (224) (168) 144 - (3,648)
Adjusted net operating income 2,759 3,525 553 479 (76) - 7,240
Net cost of net debt (336)
Non-controlling interests (79)
Adjusted net income - TotalEnergies share 6,825
4th quarter 2021 Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
Total expenditures 1,471 2,327 723 643 30 - 5,194
Total divestments 540 357 202 181 2 - 1,282
Cash flow from operating activities (57) 8,624 2,446 386 222 - 11,621
BUSINESS SEGMENT INFORMATION
TotalEnergies
(unaudited)
3rd quarter 2021 Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales 8,482 1,921 22,765 21,554 7 - 54,729
Intersegment sales 1,239 8,588 7,031 110 38 (17,006) -
Excise taxes - - (240) (5,419) - - (5,659)
Revenues from sales 9,721 10,509 29,556 16,245 45 (17,006) 49,070
Operating expenses (8,502) (3,958) (28,153) (15,302) (179) 17,006 (39,088)
Depreciation, depletion and impairment of tangible assets and mineral interests (343) (2,156) (397) (267) (28) - (3,191)
Operating income 876 4,395 1,006 676 (162) - 6,791
Net income (loss) from equity affiliates and other items 782 139 79 2 18 - 1,020
Tax on net operating income (208) (2,007) (273) (222) 23 - (2,687)
Net operating income 1,450 2,527 812 456 (121) - 5,124
Net cost of net debt (372)
Non-controlling interests (107)
Net income - TotalEnergies share 4,645
3rd quarter 2021 (adjustments) ((a) ) Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales - - - - - - -
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales - - - - - - -
Operating expenses (152) (32) 301 44 - - 161
Depreciation, depletion and impairment of tangible assets and mineral interests (7) - (12) - - - (19)
Operating income( (b)) (159) (32) 289 44 - - 142
Net income (loss) from equity affiliates and other items (3) (246) 5 (12) 2 - (254)
Tax on net operating income 4 79 (84) (14) - - (15)
Net operating income( (b)) (158) (199) 210 18 2 - (127)
Net cost of net debt 5
Non-controlling interests (2)
Net income - TotalEnergies share (124)
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
((b) )Of which inventory valuation effect
On operating income - - 309 56 -
On net operating income - - 285 41 -
3rd quarter 2021 (adjusted) Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales 8,482 1,921 22,765 21,554 7 - 54,729
Intersegment sales 1,239 8,588 7,031 110 38 (17,006) -
Excise taxes - - (240) (5,419) - - (5,659)
Revenues from sales 9,721 10,509 29,556 16,245 45 (17,006) 49,070
Operating expenses (8,350) (3,926) (28,454) (15,346) (179) 17,006 (39,249)
Depreciation, depletion and impairment of tangible assets and mineral interests (336) (2,156) (385) (267) (28) - (3,172)
Adjusted operating income 1,035 4,427 717 632 (162) - 6,649
Net income (loss) from equity affiliates and other items 785 385 74 14 16 - 1,274
Tax on net operating income (212) (2,086) (189) (208) 23 - (2,672)
Adjusted net operating income 1,608 2,726 602 438 (123) - 5,251
Net cost of net debt (377)
Non-controlling interests (105)
Adjusted net income - TotalEnergies share 4,769
3rd quarter 2021 Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
Total expenditures 683 1,754 337 239 14 - 3,027
Total divestments 358 163 17 31 2 - 571
Cash flow from operating activities (463) 4,814 799 845 (355) - 5,640
BUSINESS SEGMENT INFORMATION
TotalEnergies
(unaudited)
4th quarter 2020 Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales 5,231 1,257 15,052 16,393 10 - 37,943
Intersegment sales 628 5,574 4,160 98 140 (10,600) -
Excise taxes - - (628) (4,967) - - (5,595)
Revenues from sales 5,859 6,831 18,584 11,524 150 (10,600) 32,348
Operating expenses (5,569) (3,489) (17,989) (10,776) (286) 10,600 (27,509)
Depreciation, depletion and impairment of tangible assets and mineral interests (354) (2,500) (412) (241) (36) - (3,543)
Operating income (64) 842 183 507 (172) - 1,296
Net income (loss) from equity affiliates and other items 149 6 (54) (9) 112 - 204
Tax on net operating income 7 91 (93) (169) (72) - (236)
Net operating income 92 939 36 329 (132) - 1,264
Net cost of net debt (361)
Non-controlling interests (12)
Net income - TotalEnergies share 891
4th quarter 2020 (adjustments) ((a) ) Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales 3 - - - - - 3
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales 3 - - - - - 3
Operating expenses (56) (49) 133 17 31 - 76
Depreciation, depletion and impairment of tangible assets and mineral interests - (355) (16) - - - (371)
Operating income( (b)) (53) (404) 117 17 31 - (292)
Net income (loss) from equity affiliates and other items (26) (25) (191) (13) 107 - (148)
Tax on net operating income (83) 300 (60) (7) (157) - (7)
Net operating income( (b)) (162) (129) (134) (3) (19) - (447)
Net cost of net debt 10
Non-controlling interests 24
Net income - TotalEnergies share (413)
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
((b) )Of which inventory valuation effect
On operating income - - 265 43 -
On net operating income - - 192 32 -
4th quarter 2020 (adjusted) Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales 5,228 1,257 15,052 16,393 10 - 37,940
Intersegment sales 628 5,574 4,160 98 140 (10,600) -
Excise taxes - - (628) (4,967) - - (5,595)
Revenues from sales 5,856 6,831 18,584 11,524 150 (10,600) 32,345
Operating expenses (5,513) (3,440) (18,122) (10,793) (317) 10,600 (27,585)
Depreciation, depletion and impairment of tangible assets and mineral interests (354) (2,145) (396) (241) (36) - (3,172)
Adjusted operating income (11) 1,246 66 490 (203) - 1,588
Net income (loss) from equity affiliates and other items 175 31 137 4 5 - 352
Tax on net operating income 90 (209) (33) (162) 85 - (229)
Adjusted net operating income 254 1,068 170 332 (113) - 1,711
Net cost of net debt (371)
Non-controlling interests (36)
Adjusted net income - TotalEnergies share 1,304
4th quarter 2020 Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
Total expenditures 1,895 2,226 475 533 59 - 5,188
Total divestments 339 132 31 61 149 - 712
Cash flow from operating activities 575 3,046 1,514 648 (109) - 5,674
BUSINESS SEGMENT INFORMATION
TotalEnergies
(unaudited)
Year 2021 Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales 30,704 7,246 87,600 80,288 25 - 205,863
Intersegment sales 4,260 34,896 27,637 451 254 (67,498) -
Excise taxes - - (1,108) (20,121) - - (21,229)
Revenues from sales 34,964 42,142 114,129 60,618 279 (67,498) 184,634
Operating expenses (29,964) (16,722) (108,982) (57,159) (927) 67,498 (146,256)
Depreciation, depletion and impairment of tangible assets and mineral interests (1,650) (9,110) (1,583) (1,100) (113) - (13,556)
Operating income 3,350 16,310 3,564 2,359 (761) - 24,822
Net income (loss) from equity affiliates and other items 2,745 (760) 518 108 45 - 2,656
Tax on net operating income (602) (7,506) (1,068) (738) 152 - (9,762)
Net operating income 5,493 8,044 3,014 1,729 (564) - 17,716
Net cost of net debt (1,350)
Non-controlling interests (334)
Net income - TotalEnergies share 16,032
Year 2021 (adjustments) ((a) ) Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales (44) - - - - - (44)
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales (44) - - - - - (44)
Operating expenses (271) (187) 1,470 278 - - 1,290
Depreciation, depletion and impairment of tangible assets and mineral interests (342) (418) (25) (36) - - (821)
Operating income( (b)) (657) (605) 1,445 242 - - 425
Net income (loss) from equity affiliates and other items (215) (1,839) 56 (61) (54) - (2,113)
Tax on net operating income 122 49 (396) (70) (67) - (362)
Net operating income( (b)) (750) (2,395) 1,105 111 (121) - (2,050)
Net cost of net debt - - - - - - 25
Non-controlling interests - - - - - - (3)
Net income - TotalEnergies share - - - - - - (2,028)
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
((b) )Of which inventory valuation effect
On operating income - - 1,481 315 -
On net operating income - - 1,296 236 -
Year 2021 (adjusted) Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales 30,748 7,246 87,600 80,288 25 - 205,907
Intersegment sales 4,260 34,896 27,637 451 254 (67,498) -
Excise taxes - - (1,108) (20,121) - - (21,229)
Revenues from sales 35,008 42,142 114,129 60,618 279 (67,498) 184,678
Operating expenses (29,693) (16,535) (110,452) (57,437) (927) 67,498 (147,546)
Depreciation, depletion and impairment of tangible assets and mineral interests (1,308) (8,692) (1,558) (1,064) (113) - (12,735)
Adjusted operating income 4,007 16,915 2,119 2,117 (761) - 24,397
Net income (loss) from equity affiliates and other items 2,960 1,079 462 169 99 - 4,769
Tax on net operating income (724) (7,555) (672) (668) 219 - (9,400)
Adjusted net operating income 6,243 10,439 1,909 1,618 (443) - 19,766
Net cost of net debt (1,375)
Non-controlling interests (331)
Adjusted net income - TotalEnergies share 18,060
Year 2021 Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$)
& Power
Total expenditures 6,341 7,276 1,638 1,242 92 - 16,589
Total divestments 1,350 894 348 319 22 - 2,933
Cash flow from operating activities 827 22,009 6,473 2,333 (1,232) - 30,410
BUSINESS SEGMENT INFORMATION
TotalEnergies
Year 2020 Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales 15,629 4,973 56,615 63,451 17 - 140,685
Intersegment sales 2,003 18,483 17,378 357 223 (38,444) -
Excise taxes - - (2,405) (18,576) - - (20,981)
Revenues from sales 17,632 23,456 71,588 45,232 240 (38,444) 119,704
Operating expenses (15,847) (11,972) (70,524) (42,807) (1,049) 38,444 (103,755)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,312) (16,998) (1,878) (984) (92) - (22,264)
Operating income (527) (5,514) (814) 1,441 (901) - (6,315)
Net income (loss) from equity affiliates and other items 794 697 (393) 37 272 - 1,407
Tax on net operating income 71 (208) 59 (515) (67) - (660)
Net operating income 338 (5,025) (1,148) 963 (696) - (5,568)
Net cost of net debt (1,768)
Non-controlling interests 94
Net income - TotalEnergies share (7,242)
Year 2020 (adjustments) ((a) ) Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales 20 - - - - - 20
Intersegment sales - - - - - - -
Excise taxes - - - - - - -
Revenues from sales 20 - - - - - 20
Operating expenses (423) (137) (1,552) (330) (60) - (2,502)
Depreciation, depletion and impairment of tangible assets and mineral interests (953) (7,693) (306) - - - (8,952)
Operating income( (b)) (1,356) (7,830) (1,858) (330) (60) - (11,434)
Net income (loss) from equity affiliates and other items (382) 54 (677) (24) 107 - (922)
Tax on net operating income 298 388 348 93 (145) - 982
Net operating income( (b)) (1,440) (7,388) (2,187) (261) (98) - (11,374)
Net cost of net debt (29)
Non-controlling interests 102
Net income - TotalEnergies share (11,301)
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
((b) )Of which inventory valuation effect
On operating income - - (1,244) (196) -
On net operating income - - (1,165) (137) -
Year 2020 (adjusted) Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
External sales 15,609 4,973 56,615 63,451 17 - 140,665
Intersegment sales 2,003 18,483 17,378 357 223 (38,444) -
Excise taxes - - (2,405) (18,576) - - (20,981)
Revenues from sales 17,612 23,456 71,588 45,232 240 (38,444) 119,684
Operating expenses (15,424) (11,835) (68,972) (42,477) (989) 38,444 (101,253)
Depreciation, depletion and impairment of tangible assets and mineral interests (1,359) (9,305) (1,572) (984) (92) - (13,312)
Adjusted operating income 829 2,316 1,044 1,771 (841) - 5,119
Net income (loss) from equity affiliates and other items 1,176 643 284 61 165 - 2,329
Tax on net operating income (227) (596) (289) (608) 78 - (1,642)
Adjusted net operating income 1,778 2,363 1,039 1,224 (598) - 5,806
Net cost of net debt (1,739)
Non-controlling interests (8)
Adjusted net income - TotalEnergies share 4,059
Year 2020 Integrated Gas, Renewables Exploration & Production Refining & Chemicals Marketing & Services Corporate Intercompany Total
(M$) & Power
Total expenditures 6,230 6,782 1,325 1,052 145 - 15,534
Total divestments 1,152 819 149 158 177 - 2,455
Cash flow from operating activities 2,129 9,922 2,438 2,101 (1,787) - 14,803
Reconciliation of the information by business segment with consolidated
financial statements
TotalEnergies
(unaudited)
4th quarter 2021 Adjusted Adjustments ((a)) Consolidated statement of income
(M$)
Sales 60,348 - 60,348
Excise taxes (5,050) - (5,050)
Revenues from sales 55,298 - 55,298
Purchases, net of inventory variation (36,189) 28 (36,161)
Other operating expenses (6,630) (50) (6,680)
Exploration costs (215) (108) (323)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,278) (641) (3,919)
Other income 551 (15) 536
Other expense (493) (262) (755)
Financial interest on debt (483) - (483)
Financial income and expense from cash & cash equivalents 105 15 120
Cost of net debt (378) 15 (363)
Other financial income 195 - 195
Other financial expense (138) - (138)
Net income (loss) from equity affiliates 1,787 73 1,860
Income taxes (3,606) (41) (3,647)
Consolidated net income 6,904 (1,001) 5,903
TotalEnergies share 6,825 (988) 5,837
Non-controlling interests 79 (13) 66
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
4th quarter 2020 Adjusted Adjustments ((a)) Consolidated statement of income
(M$)
Sales 37,940 3 37,943
Excise taxes (5,595) - (5,595)
Revenues from sales 32,345 3 32,348
Purchases, net of inventory variation (20,781) 273 (20,508)
Other operating expenses (6,466) (197) (6,663)
Exploration costs (338) - (338)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,172) (371) (3,543)
Other income 275 563 838
Other expense (280) (417) (697)
Financial interest on debt (497) (4) (501)
Financial income and expense from cash & cash equivalents 32 21 53
Cost of net debt (465) 17 (448)
Other financial income 173 - 173
Other financial expense (183) - (183)
Net income (loss) from equity affiliates 367 (294) 73
Income taxes (135) (14) (149)
Consolidated net income 1,340 (437) 903
TotalEnergies share 1,304 (413) 891
Non-controlling interests 36 (24) 12
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Reconciliation of the information by business segment with consolidated
financial statements
TotalEnergies
Year 2021 Adjusted Adjustments ((a)) Consolidated statement of income
(M$)
(unaudited)
Sales 205,907 (44) 205,863
Excise taxes (21,229) - (21,229)
Revenues from sales 184,678 (44) 184,634
Purchases, net of inventory variation (120,160) 1,538 (118,622)
Other operating expenses (26,754) (140) (26,894)
Exploration costs (632) (108) (740)
Depreciation, depletion and impairment of tangible assets and mineral interests (12,735) (821) (13,556)
Other income 1,300 12 1,312
Other expense (944) (1,373) (2,317)
Financial interest on debt (1,904) - (1,904)
Financial income and expense from cash & cash equivalents 340 39 379
Cost of net debt (1,564) 39 (1,525)
Other financial income 762 - 762
Other financial expense (539) - (539)
Net income (loss) from equity affiliates 4,190 (752) 3,438
Income taxes (9,211) (376) (9,587)
Consolidated net income 18,391 (2,025) 16,366
TotalEnergies share 18,060 (2,028) 16,032
Non-controlling interests 331 3 334
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Year 2020 Adjusted Adjustments ((a)) Consolidated statement of income
(M$)
Sales 140,665 20 140,685
Excise taxes (20,981) - (20,981)
Revenues from sales 119,684 20 119,704
Purchases, net of inventory variation (75,672) (1,814) (77,486)
Other operating expenses (24,850) (688) (25,538)
Exploration costs (731) - (731)
Depreciation, depletion and impairment of tangible assets and mineral interests (13,312) (8,952) (22,264)
Other income 1,405 832 2,237
Other expense (689) (817) (1,506)
Financial interest on debt (2,140) (7) (2,147)
Financial income and expense from cash & cash equivalents 68 (31) 37
Cost of net debt (2,072) (38) (2,110)
Other financial income 914 - 914
Other financial expense (689) (1) (690)
Net income (loss) from equity affiliates 1,388 (936) 452
Income taxes (1,309) 991 (318)
Consolidated net income 4,067 (11,403) (7,336)
TotalEnergies share 4,059 (11,301) (7,242)
Non-controlling interests 8 (102) (94)
((a)) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
TotalEnergies contacts
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPress
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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)
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